0
An irrevocable payment is one that signifies the fact that, no matter what the payment made would not be reversed.
Lets say you make a credit card payment to your card using a bank's website that has the clause of irrevocable payment in the conditions. while entering your card number if you enter one digit wrongly and click submit the amount may go into the wrong account. even if you claim of the mistake the money is gone and the bank would not reverse the payment. that is irrevocable payment.
What else can I help you with?
What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
What is irrevocable letter of credit and revocable letter of credit?
An irrevocable letter of credit is a financial document that cannot be altered or canceled without the consent of all parties involved, providing a strong guarantee to the beneficiary that they will receive payment as long as they meet the specified terms. In contrast, a revocable letter of credit can be modified or canceled by the issuer at any time without the beneficiary's consent, which offers less security to the party receiving the credit. Irrevocable letters of credit are commonly used in international trade to ensure payment reliability, while revocable letters of credit are less frequently used due to their inherent risks.
Can you stop payment of irrevocable letter of credit?
the best way is to negotiate with beneficary if had any problem regarding delivery or quality, but once the documents accepted, u cannot stop the L/c
Can bank gives irrevocable guarantee?
yes
What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
What is irrevocable payment order?
An irrevocable payment order is a directive issued by a payer that cannot be altered or canceled once it has been initiated. This type of order ensures that the specified funds are transferred to the designated recipient without the possibility of reversal, providing certainty for both parties involved. Irrevocable payment orders are commonly used in financial transactions, such as wire transfers, where finality is crucial to the transaction's integrity.
Is a child required to show proof of payment of debt to a deceased mother to avoid paying the debt to an estate in an irrevocable trust?
Yes.
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
What is the accented syllable in the word irrevocable?
At least in British English, it is the second syllable: irrEvocable.
How does a person get an irrevocable funeral trust?
Setting up an Irrevocable Funeral Trust Final Expense plan can now be done by attorneys, financial planners, insurance agents and funeral consultants. With the funeral trust being offered by the attorney, financial planner, insurance agent or funeral consultant, the senior doesn't have to go to the funeral home. In the comfort of their own homes, they can sign an irrevocable funeral trust that is funded with a single payment life policy.
Is there irrevocable power of attorney in north Carolina?
free irrevocable poa papers
What is irrevocable letter of credit and revocable letter of credit?
An irrevocable letter of credit is a financial document that cannot be altered or canceled without the consent of all parties involved, providing a strong guarantee to the beneficiary that they will receive payment as long as they meet the specified terms. In contrast, a revocable letter of credit can be modified or canceled by the issuer at any time without the beneficiary's consent, which offers less security to the party receiving the credit. Irrevocable letters of credit are commonly used in international trade to ensure payment reliability, while revocable letters of credit are less frequently used due to their inherent risks.
What does it mean if something is irrevocable?
The term irrevocable can be describes as something that cannot be reversed or revoked. The word irrevocable has be used to describe ones love for another or commitment.
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
Where can I get more information for an irrevocable trust?
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
